Excerpt from Lake Shore Gazette April 2020
Smart Building Market: Introduction
The rise in need for efficient energy-related inventions in the infrastructure industry, increased market for Building automation and control system, and growth in the use of the Internet of Things (IoT) in the building management system are some of the factors which are increasing the growth of the smart building market. Some of the other factors like increasing work for the development of smart city projects across the globe is expected to provide good opportunities for smart building market.
Smart Building Market: Drivers and Challenges
The constant attention to energy conservation throughout the world and the adoption of green building and eco-friendly infrastructure has led to the construction of smart buildings. This growing market acts as a driver to other smart product markets like occupancy sensors, smart thermostats, and HVAC and lighting controls. The other plus for the market comes from different governments across the world who are promoting the construction and growth of smart buildings. These initiatives makes the players who are relating to smart cities projects more interested and thriving to use these products in their respective projects.
The factors which would affect the growth of smart building are the markets like Building Automation, Smart sensors market, growth of construction industry, urbanization rate of the world, shift to digitization for emerging countries and other such factors.